Antitrust and Politics as a Process

James M. Buchanan is a Nobel Prize winning economist widely recognized for his work in the field of public choice theory and constitutional economics.

In this video from a 1983 Center for the Study of Market Processes (now the Mercatus Center at George Mason University) event, James M. Buchanan gives his own opinion on rules that plan for competition, colloquially known as antitrust rules. He speaks briefly about the process of determining just rules for a society behind a Rawlsian veil of ignorance (or as he put it, in a pre-​constitution state) and provides a theoretical example of two farmers with the exclusive ability to grow a unique crop to illustrate his point.